Tata Sponge Iron completes acquisition of Usha Martin's steel business

Tata Sponge Iron has completed the acquisition of steel business undertaking including captive power plants on 09 April 2019, pursuant to a cash consideration (after adjustment for negative working capital and debt like items) payable to Usha Martin of Rs. 4,094 crore, which is subject to further hold backs of Rs.640 crore, pending transfer of some of the assets including mines and certain land parcels.

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